Indian economy may cross 9 % growth mark this year

• The Indian economy may cross the 9 per cent growth mark this year itself. This was indicated in the Mid-Year Analysis of the, tabled in Parliament today.
• It says that the very rapid 8.9 per cent growth in GDP in the first half of the current fiscal has raised possibilities of the faster recovery to the levels before the global meltdown.
• It says that the Indian economy has continued to recover robustly in 2010-11 recording one of the fastest growth rates in the world and climbing back to near pre-crisis levels. It said that the growth picked up in all three sectors of industry, agriculture and services.
• Meanwhile Finance Minister Pranab Mukherjee has exuded confidence that inflation, which has started declining, will fall to about 6 per cent by March . He was speaking to reporters after tabling of the Mid year analysis in Parliament.
• According to the Analysis,the deceleration in inflation, can be attributed to a number of policy measures taken by the government and the Reserve Bank It said that the rise in inflation in the past one year was mainly on account of domestic drought conditions last year and higher global food prices.
• On food inflation, the Analysis said, it has moderated to 8.05 per cent from a peak of 20.22 per cent in February 2010.